So they borrow $200k and if it took them a full year to pay it...

So they borrow $200k and if it took them a full year to pay it back they would pay $232k including the 16% interest.

They would be likely to cover the loan amount against their FY24 R&D return as their return would have been established prior to the lenders approval, so they are unlikely to accrue the full 16% interest. I attended a conference recently where a lender was discussing this method, they require a letter from the govt/taxation department guaranteeing the company is likely to get x amount before the lender sets the terms.

If NC6 spend the loaned $200k on R&D activities they can then claim this back in FY25 gaining $86k from the 43% rebate. This covers the interest and then some, so it's a good non-dilutive short-term cash injection with minimal risk.